Hundred-billion-dollar order disturbance causes Laplace's stock price to "rollercoaster"

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2026.04.01

Total number of characters in this article: 2,151; estimated reading time: about 4 minutes

Author | First Finance, Huang Siyu

On April 1, during the roughly 40 minutes that a piece of news claiming “Tesla won a nearly 36.5k yuan order” spread from speculation to clarification, Laplace (688726.SH) saw its share price surge rapidly and reach the daily limit-up, before giving back more than 11 percentage points in a straight-line drop immediately after the midday opening. After that, the share price rebounded somewhat, and ultimately closed up 11.72%.

In a clarification announcement released at midday on the same day, Laplace said that, as of now, the company has not obtained the relevant orders, and there is no major information that should be disclosed but has not yet been disclosed.

As to whether the relevant orders were actually won or whether they were intended for cooperation but not yet signed, the company’s relevant personnel told First Finance that if the company later meets the information disclosure standards, it will strictly fulfill its information disclosure obligations in accordance with applicable laws and regulations.

It is worth noting that during the period when the stock price surged, some funds made large purchases, while other funds also took the opportunity to sell heavily. After the stock hit the limit-up, investors had strong intentions to exit; before the market opened in the afternoon, after the clarification message was released, at the 4-second mark (4 seconds before the open) there were sell orders of 36.5k lots smashing at a high level.

Under the disturbance of the “nearly 10 billion yuan order” news, the share price is like a roller coaster

On the morning of April 1, Laplace’s share price had been running fairly steadily near the zero line, but around 10:50 it surged quickly, and at 10:59 it capped the daily limit-up.

At the same time as the rapid surge, media reported that Laplace had recently won the second phase of Tesla’s photovoltaic project, with an order size of nearly 10 billion yuan.

With the above news drawing intense attention from the market and the stock’s abnormal price movement, Laplace urgently issued a clarification announcement at 12:30 the same day, saying that it had not obtained the relevant orders, there was no major undisclosed information that should be disclosed, and if it later meets the information disclosure thresholds, it would strictly fulfill its information disclosure obligations in accordance with applicable laws and regulations.

The company also pointed out that its fundamentals have not undergone any material changes. Its stock price has risen sharply in the recent period, and there are risks of overheated market sentiment and irrational speculation. The company does not rule out the risk of a rapid short-term pullback in the stock price, and investors participating in trading may face significant risks.

Affected by the clarification news, at the afternoon open the share price dropped in a straight line by more than 11 percentage points. Afterward, the share price rebounded somewhat, and it maintained a volatile trading pattern, ultimately closing up 11.72%, at 61.30 yuan per share.

Some investors also said that it could be that Laplace has won or is negotiating the relevant orders, but the contract has not yet been formally signed. Because under the “Bidding and Tendering Law of the People’s Republic of China,” the tenderer and the winning bidder shall, within 30 days from the date the notice of winning is issued, enter into a written contract in accordance with the tender documents and the winning bidder’s bid documents.

In the view of Xu Feng, Managing Partner of Shanghai Jiu Cheng Law Firm, in order to obtain an order, it is necessary to see whether the relevant contract has been signed. However, if the amount of a winning order for a listed company reaches the information disclosure threshold, the company must also fulfill its disclosure obligations in a timely manner.

According to the listing rules for Sci-Tech Innovation Board (STAR Market) stocks, when a listed company conducts transactions within its ordinary business scope that meet any of the following standards, it shall promptly disclose: first, if the transaction amount accounts for 50% or more of the listed company’s latest audited total assets, and the absolute amount exceeds 100 million yuan; second, if the transaction amount accounts for 50% or more of the listed company’s latest audited operating revenue for the most recent fiscal year, and exceeds 100 million yuan; third, if the transaction is expected to generate total profit amounts that account for 50% or more of the listed company’s latest audited net profit for the most recent fiscal year, and exceeds 5 million yuan; fourth, other transactions that may have a material impact on the listed company’s assets, liabilities, equity, and operating results.

Of course, if the information that the listed company and the relevant information disclosure obligors intend to disclose involves trade secrets or confidential business information, and it falls under any of the following circumstances and has not yet been disclosed or leaked, disclosure may be deferred or exempted: first, it belongs to core technical information, and disclosure may lead to unfair competition; second, it belongs to the company’s own operating information, such as operating information of customers, suppliers, and other counterparties—after disclosure it may infringe trade secrets of the company and others or seriously damage the interests of the company and others; third, other circumstances in which disclosure may seriously damage the interests of the company or others.

According to the performance quick report released by the company on February 26, in 2025 Laplace achieved total operating revenue of 18.38k yuan, down 4.69% year over year; attributable net profit to shareholders was 612 million yuan, down 16.07% year over year; attributable net profit to shareholders after deducting non-recurring items was 494 million yuan, down 18.45% year over year; basic earnings per share were 1.51 yuan, down 22.96% compared with the same period last year.

At the end of 2025, Laplace’s total assets were 30.05k yuan, up 3.75% from the beginning of the period; shareholders’ equity attributable to the parent company was 1.42B yuan, up 15.36% from the beginning of the period; net assets per share attributable to shareholders of the parent company were 10.03 yuan, up 15.42% from the beginning of the period.

Sell orders surge near the limit-up

Behind the drastic fluctuations in Laplace’s share price driven by news reports about the “nearly 1.29B yuan order for Tesla” and the ensuing clarification, there were funds making large purchases, as well as funds selling heavily in response.

Based on Wind Financial Terminal transaction details, after the market opened on April 1, Laplace’s trading volume was not large. However, starting at 10:52, the buy volume surged; within one minute it jumped by 18.38k lots of buy orders. After that, the trading volume for buys remained substantial, and meanwhile the sell order size also increased; for example, at 10:53 there were 6,618 lots of sell orders executed.

The concentrated release of large sell orders occurred at two time points, 10:57:25 and 10:57:28. The two sell orders were 3,579 lots and 6,755 lots, respectively. Before 10:59:32, buy and sell orders around the hundreds or thousands of lots continued to transact, with bulls and bears continuously contesting each other, keeping trading activity at a high level.

Up until 10:59:34, the trade structure showed extreme polarization: it was one-sided where active sell orders dominated the order book, with a dense inflow of sell orders at the thousand-lot and hundred-lot levels, while only a small number of buy orders were able to absorb the supply. This one-way selling situation persisted through the close of the morning session. From this, it appears that the willingness of funds to exit was strong while the stock was at the limit-up level, and the contest between bulls and bears was severely imbalanced.

After Laplace issued its clarification announcement at midday, at the afternoon open, the company’s share price dropped in a straight line. From the order book data, in the very first second after the open there were 6,474 lots of sell orders executed at the limit-up price of 65.84 yuan per share; by the fourth second, sell orders sharply increased to 30.05k lots, executed at 64 yuan per share. That means both of these large orders were sold at the high price level of Laplace’s share price on that day.

Amid the escalation and clarification of the nearly 10 billion yuan order news, some market participants suspected that investors may have taken advantage of this moment to offload large amounts of stock while the price was being driven up.

In addition, judging by the inflow of “main force” funds, on April 1, main force funds saw inflows of 1.415 billion yuan, outflows of 1.287 billion yuan, and net inflow of 128 million yuan. Specifically, main force funds had net outflows of 12.9134 million yuan at the open, and net inflows of 9.2869 million yuan at the end of the day.

For investors who bought Laplace shares at high levels affected by the order-related news and got stuck—can they seek compensation and enforce their rights? Xu Feng believes it is necessary to confirm whether any violations occurred in the entire incident and whether the losses are related to the dissemination of the news.

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